Sleetmoor Lane, Swanwick
Post Completion – Developer
Our client is a renowned Land Director at his family-run developer business, where they successfully build homes across the Midlands and South Yorkshire.
They had purchased land, with the benefit of planning permission, which they intended to use to develop on the day of completion into residential and non-residential dwellings.
They contacted I4B to assess the purchase and investigate whether they had overpaid on their Stamp Duty Land Tax. The experienced team recognised that the land qualified for mixed use rates, due to the work commencing on the land, which entitled them to apply to HMRC for a refund.
They had purchased the land for £3,500,000 and had paid £164,500 SDLT. After assessment, HMRC reviewed the case and saw that the client was eligible for a refund of £116,577!
I am pleased I took the time to listen to Innovation 4 Business and how they could potentially save us SDLT against one of our recent acquisitions.
Although we were completely unaware of any possible SDLT savings, Alex took the time to explain everything to us, and gave us every confidence this was risk free.
In not much over a couple of months from start to finish, they have managed to refund us over £75,000 which in the current economic climate has been a blessing to the business and our cashflow.
£129,500 in Client Savings
£90,650 in Net Savings
£3,500,000 Purchase Price